GasLog Partners LP Commences Initial Public Offering of Common Units

April 28, 2014 06:45 AM Eastern Daylight Time

MONACO--(BUSINESS WIRE)--GasLog Partners LP (the “MLP”) today announced the commencement of an
initial public offering of 8,400,000 common units representing limited
partnership interests (the “common units”). The estimated price range
for the initial public offering is $19.00 to $21.00 per common unit. The
proceeds from the offering will be used principally to reduce
indebtedness and for general partnership purposes, with the remainder to
be distributed to GasLog Ltd. (“GasLog”) (NYSE:GLOG).

The MLP is a Marshall Islands limited partnership and is currently a
wholly owned subsidiary of GasLog. GasLog will contribute three of its
existing LNG carriers with multi-year charters to the MLP.

The underwriters will be granted an option to purchase up to 1,260,000
additional common units from the MLP at the initial public offering
price, less the underwriting discount. The MLP has applied to list the
common units on the New York Stock Exchange under the symbol “GLOP”. If
the underwriters’ option to purchase additional common units is not
exercised, GasLog will retain 1,422,358 of the MLP’s common units (and
will retain 162,358 common units if the option is exercised in full) as
well as all of the MLP’s subordinated units, general partner interest
and incentive distribution rights.

A registration statement relating to these securities has been filed
with the U.S. Securities and Exchange Commission but has not yet become
effective. These securities may not be sold nor may offers to buy the
securities be accepted prior to the time the registration statement
becomes effective. This press release does not constitute an offer to
sell or the solicitation of an offer to buy securities, and shall not
constitute an offer, solicitation or sale in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of that jurisdiction.

About GasLog Ltd.GasLog is an international owner, operator
and manager of LNG carriers. Following the recently announced agreement
to purchase three additional LNG carriers from Methane Services Ltd., an
affiliate of BG Group, GasLog’s fleet will include 21 wholly owned LNG
carriers (including 14 ships in operation and seven LNG carriers on
order) and GasLog will have 6 LNG carriers operating under its technical
management for third parties. In connection with the initial public
offering of GasLog Partners LP, three of GasLog’s vessels in operation
will be contributed to GasLog Partners LP. GasLog’s principal executive
offices are located at Gildo Pastor Center, 7 Rue du Gabian, MC 98000,
Monaco.

About GasLog Partners LPGasLog Partners LP was formed by
GasLog to own, operate and acquire LNG carriers with multi-year
charters. The initial fleet of GasLog Partners LP will consist of three
LNG carriers, each of which has a carrying capacity of 155,000 cbm and
has a multi-year charter.

Forward Looking StatementsThis press release contains
“forward-looking statements”. The reader is cautioned not to rely on
these forward-looking statements. All statements, other than statements
of historical facts, that address activities, events or developments
that GasLog and the MLP expect, project, believe or anticipate will or
may occur in the future, including, without limitation, completion of
the MLP initial public offering, future operating or financial results
and future revenues and expenses, future, pending or recent
acquisitions, general market conditions and shipping industry trends,
the financial condition and liquidity, cash available for distribution,
future capital expenditures and drydocking costs and newbuild vessels
and expected delivery dates, are forward looking statements. These
statements are based on current expectations of future events. If
underlying assumptions prove inaccurate or unknown risks or
uncertainties materialize, actual results could vary materially from our
expectations and projections. Risks and uncertainties include, but are
not limited to, general LNG and LNG shipping market conditions and
trends, including charter rates, ship values, factors affecting supply
and demand of LNG and LNG shipping, technological advancements and
opportunities for the profitable operation of LNG carriers; our ability
to enter into time charters with our existing customers as well as new
customers; our contracted charter revenue; our customers’ performance of
their obligations under our time charters and other contracts; the
effect of volatile economic conditions and the differing pace of
economic recovery in different regions of the world; future operating or
financial results and future revenues and expenses; our future financial
condition and liquidity; our ability to obtain financing to fund capital
expenditures, acquisitions and other corporate activities, funding by
banks of their financial commitments, and our ability to meet our
obligations under our credit facilities; future, pending or recent
acquisitions of ships or other assets; business strategy, areas of
possible expansion and expected capital spending or operating expenses;
our expectations relating to distributions of available cash and our
ability to make such distributions; our ability to enter into
shipbuilding contracts for newbuildings and our expectations about the
availability of existing LNG carriers to purchase, as well as our
ability to consummate any such acquisitions; our expectations about the
time that it may take to construct and deliver newbuildings and the
useful lives of our ships; number of off-hire days, drydocking
requirements and insurance costs; our anticipated general and
administrative expenses; fluctuations in currencies and interest rates;
our ability to maintain long-term relationships with major energy
companies; expiration dates and extensions of our time charters; our
ability to maximize the use of our ships, including the re-employment or
disposal of ships no longer under time charter commitments;
environmental and regulatory conditions, including changes in laws and
regulations or actions taken by regulatory authorities; our continued
compliance with requirements imposed by classification societies; risks
inherent in ship operation, including the discharge of pollutants;
availability of skilled labor, ship crews and management; potential
disruption of shipping routes due to accidents, political events, piracy
or acts by terrorists; and potential liability from future litigation.

For a discussion of some of the risks and important factors that could
affect future results, see the discussion in the MLP’s registration
statement on Form F-1 (File No. 333-195109) under the caption “Risk
Factors.” In addition, the MLP initial public offering may not
successful or the MLP may not raise the planned amount of proceeds even
if the initial public offering is completed. No assurance can be given
as to the value of the MLP, the price at which its securities may trade
or whether a liquid market for its securities will develop or be
maintained. We do not undertake to update any forward-looking statements
as a result of new information or future events or developments.